National news and local views for the week ending **Friday, October 20, 2023**  Christopher Simpson ###### We are definitely seeing a “shift” in the local market in West Michigan. Even with the changing market we are still seeing home prices remain strong driven by the lack of inventory. #### National Real Estate News ##### Here we are at 8% A blowout retail sales figure spooked the bond market, pushing 10-yr treasury yields to 4.97% and average 30-yr mortgage rates above 8% for the first time since October 2000. After increasing by 327 basis points (+3.27%) in 2022, average 30-yr mortgage rates have now risen an additional 154 basis points (+1.54%) in 2023.  ##### Below 4 million September existing home sales (homes with a previous owner) fell 2% month-over-month and 15% year-over-year to an annualized pace of 3.96 million units. The median sales price dropped 3.1% month-over-month to $394,300, but was still up 2.8% year-over-year. With mortgage rates continuing to rise in October, the big slowdown in transaction volume is likely to continue.  ##### Construction shifts The boom in multi-family construction (buildings with >5 units) during 2021-2022 has resulted in nearly 1 million multi-family units being currently under construction. This should put pressure on rental rates, particularly in the South region. But if you look at new permits to build over the last few months, two-thirds of them are for single-family homes.  #### Local Market Trends ###### As of **Friday, October 20, 2023**  Christopher Simpson Check out the statistics below. It’s still a great time to Sell! There are currently many eager buyers searching for homes and struggling to find something that meets their needs due to lack of inventory. Could your home be the “one” they’ve been searching for? Contact me and let’s find out! Area Median Price Active Listings New Listings – 5 days Median Days on Market 49442 $169,9000% 940.4% 9 590.5% 49445 $324,9000.1% 521% 4 471% 49441 $249,900\-0.4% 1150.2% 9 43\-0.2% 49444 $247,4000.4% 800.3% 2 1251.7% Local Market Trends (/) from Sep. to Oct. 2023.  Christopher Simpson Nexes Realty Inc License #6501423161 * * *  Questions about these articles or the state of your local market? Get in touch! 231-215-7229 [email protected]   ©ListReports 2023, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed. * * * ### Discover more from Muskegon Real Estate Agent, Chris Simpson,Homes For Sale, Muskegon Homes,Muskegon House For Sale, Muskegon Real Estate, West Michigan Real Estate Agent, Muskegon Realtor Subscribe to get the latest posts sent to your email. Type your email… Subscribe ### Share this: - [X](https://chrissimpsonwestmichiganrealestate.com/2023/10/26/whats-up-with-real-estate-3/?share=twitter&nb=1)
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